Ghana is a high-debt, troubled country, according to the World Bank.

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By the end of 2022, Ghana’s debt to Gross Domestic Product (GDP) is expected to be 104.6%, according to World Bank projections.

Ghana is a high-debt, troubled country, according to the World Bank.
Ghana is a high-debt, troubled country, according to the World Bank.
As a result, the West African nation has been designated as a high debt distress nation by the World Bank.

Ghana’s debt is anticipated to increase from its current level of 76.6% because to an expanding government deficit, a significant depreciation of the cedi, and growing debt payment expenses, according to the Bank’s October 2022 Africa Pulse Report.

The research also projects Ghana’s debt as a percentage of GDP to be 99.7% in 2023 and 101.8% in 2024.

This year, Ghana expects to use approximately 70% of its income to pay down debt. The nation’s economy is thought to be worth roughly $72 billion at the moment.

The report is released at the same time that the Bank and the International Monetary Fund (IMF) are studying the country’s debt sustainability. Debt restructuring is necessary because a high-debt, troubled nation is unable to meet its financial obligations.

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